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Firsthand Technology Value Fund: Time To Take A Short Position
The NAV you're referring to in your article was as of December 31st, 2011. Since then SVVC has invested in the following companies:
"On January 13, 2012, we acquired an additional 40,000 shares of Facebook at a cost of approximately $1.2 million.
On January 30, 2012, we acquired an additional 60,000 shares of Facebook at a cost of approximately $1.9 million.
On February 2, 2012, Yelp executed a 1-for-4 reverse stock split of its common stock.
On February 6, 2012, we invested $1,000,000 in Silicon Genesis Corp in the form of a convertible note. The note has an annual interest rate of 20% and a maturity date of December 31, 2012, and came with a warrant to purchase 3,000,000 shares of common stock. This new note also extended to December 31, 2012, the maturity dates of two existing notes held by us with face values of $500,000 and $1,250,000.
On February 21, 2012, we acquired an additional 50,000 shares of Facebook at a cost of approximately $1.6 million.
On March 1, 2012, Yelp completed the initial public offering of its common stock at a price of $15.00 per share. The company’s stock commenced trading on the New York Stock Exchange on March 2, 2012 and the closing price on that day was $24.58.
On March 8, 2012, we acquired an additional 330,000 shares of Facebook at a cost of approximately $10.5 million.
On March 20, 2012 we acquired an additional 70,000 shares of Facebook at a cost of approximately $2.2 million."
On April 2, 2012, SVVC acquired 120,000 shares of common stock of SolarCity Corporation.
Moreover, you aren't taking into account the price appreciation of the underlying investments which are mostly private companies that don't trade in the secondary markets. Facebook, the largest holding of SVVC, alone has appreciated approximately 30% YTD based on private secondary market platforms.
Apr 5, 2012. 01:13 PM
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